Ratio Taps Radiopharma Veteran to Helm Clinical Push

BOSTON, MA – March 12, 2026 – Ratio Therapeutics has appointed Dr. Colin Hayward, a seasoned leader in oncology and radiopharmaceuticals, as its new Chief Medical Officer. The move is a clear signal of the Boston-based company's intent to accelerate its clinical programs in the fiercely competitive cancer therapy market, particularly as it advances a pivotal trial for a devastating form of cancer.

Dr. Hayward joins Ratio at a critical juncture. The company is actively progressing its ATLAS trial, a Phase 1/2 study targeting patients with relapsed or refractory soft tissue sarcomas. His appointment is seen by industry observers as a strategic maneuver to leverage deep clinical and regulatory expertise in a field where experience is paramount. With over 26 years in the healthcare industry and the last six focused squarely on the complexities of radiopharmaceuticals, Dr. Hayward brings a wealth of knowledge from leadership roles at major pharmaceutical firms, including Roche and, most recently, Telix Pharmaceuticals.

A Strategic Hire to Steer Clinical Ambitions

Dr. Hayward’s track record is a significant asset for the clinical-stage company. During his tenure as Chief Medical Officer at Telix Pharmaceuticals, he was instrumental in guiding oncology and rare disease programs through complex clinical development and regulatory landscapes. He oversaw first-in-human studies and managed interactions with the FDA and other global agencies, experience that will be directly applicable to Ratio's pipeline. His work at Telix included advancing prostate and renal cancer imaging agents, contributing to the establishment of new standards of care.

This background is precisely what Ratio needs as it navigates the next phase of its growth. "Colin joins Ratio at an important time as we advance our radiopharmaceutical pipeline and further progress the ATLAS trial," said Dr. Jack Hoppin, Chairman and Chief Executive Officer of Ratio, in a statement. "His extensive experience in clinical development and medical affairs will be invaluable in guiding the trial's design, execution, and oversight, ensuring we generate robust data while maintaining the highest standards of patient care."

For a company like Ratio, which has raised over $90 million from investors including Bristol Myers Squibb, having a leader who has successfully shepherded products through late-stage trials provides a significant boost in confidence for both investors and potential pharmaceutical partners.

Navigating the Radiopharmaceutical Arms Race

The appointment comes amid a veritable gold rush in the radiopharmaceutical sector. The global market, currently valued in the billions, is projected by some analysts to exceed $13.67 billion by 2033, and even that may be a conservative estimate. This boom is fueled by the success of "theranostics," an approach that combines diagnostic imaging with targeted radiation therapy to see and treat cancer with high precision.

Major pharmaceutical giants are staking their claims, with Novartis leading the charge with its blockbuster drugs Pluvicto and Lutathera, which have transformed treatment for certain cancers. Lantheus's imaging agent Pylarify also crossed the billion-dollar sales mark in 2024. This success has triggered a wave of high-profile acquisitions, with Bristol Myers Squibb snapping up RayzeBio and Eli Lilly acquiring Point Biopharma, signaling a clear industry-wide bet on the future of radio-drug conjugates (RDCs).

In this high-stakes environment, Ratio is positioning itself as a key innovator. The company is focusing on next-generation therapies using alpha-emitting isotopes like Actinium-225, which deliver a powerful, highly localized punch to cancer cells while minimizing damage to surrounding healthy tissue. However, the use of these isotopes comes with significant supply chain challenges. Ratio appears to be tackling this head-on through a multi-pronged strategy that includes a supply agreement with NorthStar Medical Radioisotopes for Actinium-225, a manufacturing collaboration with PharmaLogic, and the operation of its own state-of-the-art facility in Salt Lake City, Utah.

A New Hope for Sarcoma Patients in the ATLAS Trial

Beyond the corporate strategy and market dynamics lies the profound human impact. Dr. Hayward’s immediate focus will be the ATLAS trial, a clinical study offering potential hope for patients with soft tissue sarcomas, a group of rare and aggressive cancers with limited treatment options once they become relapsed or refractory.

The trial, registered as NCT07156565, is evaluating [Ac-225]-RTX-2358. This investigational drug is a FAP-targeted radiotherapeutic. It’s designed to seek out and bind to Fibroblast Activation Protein (FAP), a protein found in high concentrations on the surface of many cancer cells, including sarcomas, that is believed to promote tumor growth. By attaching the potent alpha-emitter Actinium-225 to a molecule that targets FAP, Ratio aims to deliver a lethal dose of radiation directly to the cancer.

The trial’s seamless Phase 1/2 design allows for efficient evaluation, first determining safety and the optimal dose before expanding to assess the drug's efficacy in a larger group of up to 50 patients. The first cohort of patients completed dosing in December 2025, marking a significant milestone for the program.

"I am honored to join Ratio during such a dynamic period for the radiopharmaceutical industry," Dr. Hayward stated. "I look forward to working with the talented team to advance the ATLAS trial and our broader clinical programs. Ratio has the technology to make a meaningful impact for patients, and I am excited to help translate our targeted radiopharmaceuticals into effective therapies for those who need them most."

The Technology Powering the Pipeline

Underpinning Ratio’s ambitious clinical program are its two proprietary technology platforms, Trillium™ and Macropa™, which the company believes gives it a competitive edge. These platforms are designed to solve fundamental challenges in radiotherapy: how to get the drug to the tumor effectively while protecting the rest of the body.

The Trillium™ platform is a targeting scaffold engineered for "pharmacokinetic modulation." In simple terms, it allows the radiopharmaceutical to temporarily bind to albumin, a common protein in the blood. This extends the drug's circulation time, giving it more opportunity to find and accumulate in the tumor, while also facilitating clearance from healthy tissues like the kidneys, thereby reducing potential side effects.

Complementing this is the Macropa™ platform, a proprietary chelator—a chemical cage—designed specifically to hold onto the Actinium-225 isotope with an exceptionally strong grip. The stability of this bond is critical for safety, ensuring the radioactive payload isn't released prematurely in the body. Recognizing its broad potential, Ratio has partnered with Macrocyclics to manufacture and distribute the Macropa™ technology, making it accessible to the wider research community.

This combination of a seasoned clinical leader, a clear focus on an area of unmet medical need, and a sophisticated technology platform backed by significant funding and strategic partnerships, positions Ratio Therapeutics as a formidable contender in the race to develop the next generation of cancer treatments.